Dubai Group Proposes Extending Debt for 12 Years, Reuters Says

Dubai Group LLC, an investment company owned by the emirate’s ruler, proposed to creditors that it extend its debt 12 years at an interest rate of 1 percent, Reuters reported, citing people it didn’t identify.

The company sent the proposal to lenders this week and will present it to banks April 16, focusing on $6 billion in bank debt the group wants to restructure, the news agency said. Dubai Group owes an additional $4 billion to other investors.

To contact the reporter on this story: Tamara Walid in Abu Dhabi at twalid@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net

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